Canada could be well-positioned to take advantage of this opportunity, but that would require a government that understood how to promote our national interests, something our country lacks.
Having decline from their earlier peak, oil prices are going to face further upward pressure following the announcement by OPEC + (OPEC and partners) that they will be cutting oil production by 2 million barrels per day starting in November.
This will more than offset the recent release of oil from the US Strategic Petroleum Reserve, and the US has said they will be releasing another 10 million barrels to partially offset the OPEC cuts.
In a statement, the Biden Administration said it was “disappointed” by the OPEC decision:
“The President is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine. At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices.”
While it is true that Russia’s invasion of Ukraine and resulting necessary sanctions are largely responsible for the disruption of oil supplies, it is also the case that Western nations have left themselves needlessly vulnerable to exactly what we see taking place.
By choosing to adhere to a rigid anti-energy ideology, thus reducing potential production, many Western nations made themselves increasingly reliant upon energy produced by hostile/unreliable foreign nations.
As we know, $150 billion worth of energy projects have been cancelled in Canada alone since 2015 (what a coincidence), and similar anti-energy policies have had the same effect throughout the world’s most ‘developed’ nations.
Now, facing an increasingly violent and unstable world, we are discovering that it sure would be nice to have full energy self-sufficiency.
Canada is thus missing out on an opportunity to profit from our resources, missing out on an opportunity to help out our allies, and missing out on an opportunity to reduce the wealth and geopolitical leverage of hostile authoritarian states.
It’s a massive strategic, political, and economic error failure, and history won’t look kindly upon those who put radical ideology ahead of the national interest.
Spencer Fernando
Photo – YouTube
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